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General Mills (NYSE:GIS) E10

: $3.76 (As of Nov. 2022)
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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

General Mills's adjusted earnings per share data for the three months ended in Nov. 2022 was $1.010. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $3.76 for the trailing ten years ended in Nov. 2022.

As of today (2023-01-28), General Mills's current stock price is $77.89. General Mills's E10 for the quarter that ended in Nov. 2022 was $3.76. General Mills's Shiller PE Ratio of today is 20.72.

During the past 13 years, the highest Shiller PE Ratio of General Mills was 29.46. The lowest was 13.21. And the median was 20.44.


General Mills E10 Historical Data

The historical data trend for General Mills's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

General Mills Annual Data
Trend May13 May14 May15 May16 May17 May18 May19 May20 May21 May22
E10
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.81 2.93 3.03 3.23 3.67

General Mills Quarterly Data
Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.38 3.49 3.67 3.75 3.76

Competitive Comparison

For the Packaged Foods subindustry, General Mills's E10, along with its competitors' market caps and E10 data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

General Mills E10 Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's E10 distribution charts can be found below:

* The bar in red indicates where General Mills's E10 falls in comparison to its industry or sector. The grey bar indicates the E10's extreme value range as defined by GuruFocus.



General Mills E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, General Mills's adjusted earnings per share data for the three months ended in Nov. 2022 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Nov. 2022 (Change)*Current CPI (Nov. 2022)
=1.01/125.6074*125.6074
=1.010

Current CPI (Nov. 2022) = 125.6074.

General Mills Quarterly Data

per share eps CPI Adj_EPS
201302 0.600 97.953 0.769
201305 0.550 98.282 0.703
201308 0.700 98.675 0.891
201311 0.840 98.334 1.073
201402 0.640 99.057 0.812
201405 0.650 100.373 0.813
201408 0.550 100.352 0.688
201411 0.560 99.635 0.706
201502 0.560 99.032 0.710
201505 0.300 100.333 0.376
201508 0.690 100.548 0.862
201511 0.870 100.135 1.091
201602 0.590 100.040 0.741
201605 0.620 101.355 0.768
201608 0.670 101.617 0.828
201611 0.800 101.829 0.987
201702 0.610 102.779 0.745
201705 0.690 103.256 0.839
201708 0.690 103.587 0.837
201711 0.740 104.072 0.893
201802 1.620 105.052 1.937
201805 0.590 106.148 0.698
201808 0.650 106.383 0.767
201811 0.570 106.338 0.673
201902 0.740 106.649 0.872
201905 0.940 108.048 1.093
201908 0.850 108.245 0.986
201911 0.950 108.519 1.100
202002 0.740 109.139 0.852
202005 1.020 108.175 1.184
202008 1.030 109.662 1.180
202011 1.110 109.793 1.270
202102 0.960 110.968 1.087
202105 0.675 113.576 0.747
202108 1.020 115.421 1.110
202111 0.970 117.269 1.039
202202 1.080 119.703 1.133
202205 1.350 123.323 1.375
202208 1.350 124.958 1.357
202211 1.010 125.607 1.010

Add all the adjusted EPS together and divide 10 will get our e10.


General Mills  (NYSE:GIS) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

General Mills's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=77.89/3.76
=20.72

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of General Mills was 29.46. The lowest was 13.21. And the median was 20.44.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


General Mills E10 Related Terms

Thank you for viewing the detailed overview of General Mills's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


General Mills (NYSE:GIS) Business Description

General Mills logo
Address
Number One General Mills Boulevard, Minneapolis, MN, USA, 55426
General Mills is a leading global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, BLUE, and Haagen-Dazs. In fiscal 2021, 75% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. While most of General Mills' products are sold through retail stores to consumers, the company also sells products into the food-service channel and the commercial baking industry.
Executives
Thissen Karen Wilson officer: General Counsel & Secretary 1098 AMERIPRISE FINANCIAL CENTER MINNEAPOLIS MN 55474
Gallagher Paul Joseph officer: Chief Supply Chain Officer 1 GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Montemayor Jaime officer: Chief Technology Officer NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Pallot Mark A officer: Chief Accounting Officer NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Jenkins Jo Ann director 2211 SOUTH 47TH STREET PHOENIX AZ 85034
Mcnabb Dana M officer: Group President NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Lempres Elizabeth Cahill director TWO COMMERCE SQUARE 2001 MARKET STREET, SUITE 3600 PHILADELPHIA PA 19103
Walker Sean N officer: Group President NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Neal Diane L director
Benson Jodi J officer: Chief Innovation Officer GENERAL MILLS, INC. ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Sastre Maria director C/O DARDEN RESTAURANTS, INC. 1000 DARDEN CENTER DRIVE ORLANDO FL 32837
Bishop William W Jr officer: Group President C/O BLUE BUFFALO PET PRODUCTS, INC. 11 RIVER ROAD WILTON CT 06897
Bruce Kofi A officer: Vice President GENERAL MILLS, INC. ONE GENERAL MILLS BLVD. MINNEAPOLIS MN 55426
Pollard Ivan officer: Senior Vice President GENERAL MILLS, INC. ONE GENERAL MILLS BLVD. MINNEAPOLIS MN 55426
Law Christina officer: Group President GENERAL MILLS, INC. ONE GENERAL MILLS BLVD. MINNEAPOLIS MN 55426

General Mills (NYSE:GIS) Headlines

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